Monsanto India lost 2.05% to Rs 1678 at 11:38 IST on BSE, with the stock sliding on profit booking after recent steep rally triggered by the Union environment ministry approving field trials of genetically modified food crops on a conditional basis.
Meanwhile, the S&P BSE Sensex was down 13.04 points or 0.06% at 21,196.69.
On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 19,575 shares in the past one quarter.
The stock was volatile. The stock rose as much as 3.32% at the day's high of Rs 1,770 so far during the day, which is a record high for the counter. The stock lost as much as 2.63% at the day's low of Rs 1,668 so far during the day. The stock had hit a 52-week low of Rs 560 on 16 April 2013.
The stock had outperformed the market over the past one month till 4 March 2014, surging 38.19% compared with the Sensex's 4.94% rise. The scrip had also outperformed the market in past one quarter, galloping 144.62% as against Sensex's 2.42% rise.
The small-cap company has equity capital of Rs 17.26 crore. Face value per share is Rs 10.
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Shares of Monsanto India had rallied 35.77% in five trading sessions to settle at Rs 1713.10 on Tuesday, 4 March 2014, from a recent low of Rs 1261.70 on 24 February 2014. The recent rally in the stock was boosted by reports the Environment minister M Veerappa Moily on Thursday, 27 February 2014, approved the field trials of genetically modified (GM) food crops including rice and wheat. The move comes even as the environment ministry has not prescribed scientifically validated bio-safety protocol and the Supreme Court is yet to decide on the efficacy of the trials, reports said.
Monsanto India's net profit surged 122.4% to Rs 65.11 crore on 62.6% growth in net sales to Rs 181.67 crore in Q3 December 2013 over Q3 December 2012.
Monsanto India, a subsidiary of the Monsanto Company, USA is a seed company focusing on maize and agricultural productivity.
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